If the government were to raise taxes on the 1%, tax capital gains as income, make student debt dischargeable in bankruptcy, pass cramdown, enforce laws against fraud and hire more regulators across the board at more sustainable salaries, the growth would be astonishing.

"It would be a terrific bill if we had cramdown in it and it'll still be a good bill if that's not in it."

Trade groups representing all quarters of the financial services industry pressed lawmakers to reject the measure and their warnings about the harmful impact of "cramdown" seem to have swayed many Democrats.